Ten­cent to spend $150m again on movies

China Daily (Canada) - - NEWS CAPSULE -

Ten­cent Pic­tures, the Chi­nese in­ter­net gi­ant’s up­start film­mak­ing unit, has set aside more than 1 bil­lion yuan, or over $150 mil­lion, to finance Hol­ly­wood and Chi­nese film projects in 2017, an un­named source at the com­pany told Bloomberg News.

Ten­cent has al­ready spent ap­prox­i­mately $150 mil­lion on film fi­nanc­ing in 2016, the source said.

The com­pany was a co-fi­nancier of Leg­endary En­ter­tain­ment’s Chi­nese box-of­fice hit War­craft (which grossed $220.8 mil­lion in the coun­try) as well as the up­com­ing Kong:Skul­lIs­land.

In Septem­ber, Ten­cent Pic­tures an­nounced an am­bi­tious 21-film slate span­ning projects of var­i­ous gen­res, in­clud­ing Ti­betCode, a film adap­ta­tion of hit Chi­nese fan­tasy book se­ries, and a 3D an­i­ma­tion based on Tuzki, the pop­u­lar rab­bit emoti­con used on WeChat, China's most pop­u­lar mes­sag­ing ser­vice (owned and op­er­ated by the Ten­cent par­ent com­pany).

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